The governor stressed that monetary policy should continue to safeguard price stability.
RIYADH – Saudi Arabia’s economy remains resilient despite the ongoing Middle East conflict, supported by strong financial buffers, a well-capitalized banking system and prudent economic policies, Saudi Central Bank (SAMA) Governor Ayman Al-Sayari said during the 2026 IMF and World Bank Annual Meetings in Thailand.
In Saudi Arabia’s statement to the International Monetary and Financial Committee (IMFC), Al-Sayari warned that the conflict was increasingly weighing on the global economic outlook, with disruptions extending beyond energy markets and major shipping routes to international trade, transportation, inflation and financial conditions.
He noted that the global economy had performed better than initially expected, but cautioned that this resilience had come at a cost. Economic buffers had weakened, medium-term growth remained subdued, and the overall outlook masked significant differences across countries and sectors, amid heightened uncertainty, elevated debt levels and limited policy flexibility.
Al-Sayari stressed that monetary policy should continue to safeguard price stability while addressing the sources and persistence of inflationary pressures in line with each country’s monetary and exchange rate framework. He also called for fiscal policies that address debt and refinancing vulnerabilities, rebuild financial buffers, and preserve productive investment and targeted support for vulnerable households.
Saudi Arabia Maintains Economic Resilience
Highlighting the Kingdom’s economic performance, Al-Sayari attributed its resilience amid regional instability to sound economic policies, substantial financial reserves and strong institutional capacity to respond to emerging challenges.
He described Saudi Arabia’s banking sector as well-capitalized and liquid, supported by forward-looking macroprudential policies that provide a solid foundation for financial stability.
Al-Sayari also highlighted the role of Saudi Vision 2030 in strengthening the Kingdom’s economic fundamentals through the expansion of non-oil economic activity, greater private-sector participation and improved institutional capabilities.
He reaffirmed Saudi Arabia’s commitment to economic diversification, deeper financial markets, human capital development and higher productivity. The Kingdom will also continue strengthening infrastructure and institutional capacity to support sustainable and inclusive economic growth.
Call for Stronger International Monetary Cooperation
Addressing global economic challenges, Al-Sayari emphasized the importance of effective multilateral cooperation and urged the International Monetary Fund (IMF) to remain prepared to provide timely support to member countries.
He called for balanced economic surveillance, tailored policy advice and capacity-development programmes that reflect individual countries’ circumstances.
The governor also urged the IMF to strengthen its analysis of persistent global imbalances, including their underlying causes, transmission channels and cross-border consequences, while accounting for differences in national economic structures.
He stressed that IMF-supported programmes should remain realistic, adaptable and tailored to members’ needs to help address balance-of-payments difficulties and restore external economic stability.
Saudi Arabia Supports IMF Governance Reform
On IMF governance reform, Al-Sayari welcomed the one-year extension of the IMFC chairmanship, noting that it would support continued dialogue and consensus-building among member countries.
He reaffirmed Saudi Arabia’s support for the Diriyah Guiding Principles as a foundation for reforming the IMF’s governance structure.
Al-Sayari stressed the importance of translating these principles into practical progress through sustained dialogue, strengthening member representation while preserving a well-resourced, quota-based IMF.
